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ROC

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 021-340690

 

TerrAscend Corp.

(Exact Name of Registrant as Specified in its Charter)

 

 

Ontario

N/A

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

77 City Centre Drive

Suite 501 - East Tower

Mississauga, Ontario

L5B 1M5

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (717) 610-4165

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

None

 

N/A

 

N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of November 8, 2023, the registrant had 287,270,514 common shares, $0.01 par value per share, outstanding.

 

 

 


 

Table of Contents

 

 

 

Page

 

 

 

PART I.

FINANCIAL INFORMATION

1

 

 

 

Item 1.

Financial Statements (Unaudited)

1

 

Unaudited Interim Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022

1

 

Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months and nine months ended September 30, 2023 and 2022

2

 

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders' Equity for the three months and nine months ended September 30, 2023 and 2022

Unaudited Interim Condensed Consolidated Statements of Cash Flows for the three months and nine months ended September 30, 2023 and 2022

5

 

Notes to Unaudited Interim Condensed Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

45

Item 4.

Controls and Procedures

45

 

 

 

PART II.

OTHER INFORMATION

45

 

 

 

Item 1.

Legal Proceedings

45

Item 1A.

Risk Factors

46

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

46

Item 3.

Defaults Upon Senior Securities

46

Item 4.

Mine Safety Disclosures

46

Item 5.

Other Information

46

Item 6.

Exhibits

47

Signatures

49

 

 

 


 

Cautionary Note Regarding Forward-Looking Statements

 

This Quarterly Report on Form 10-Q contains statements that TerrAscend Corp. ("TerrAscend" or the "Company") believes are, or may be considered to be, “forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact included in this Quarterly Report on Form 10-Q regarding the prospects of TerrAscend’s industry or TerrAscend’s prospects, plans, financial position or business strategy may constitute forward-looking statements. Such statements can be identified by the use of forward-looking terminology such as "can", “expect”, “likely”, “may”, “will”, “should”, “intend”, “anticipate”, “potential”, “proposed”, “estimate” and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. Forward-looking statements include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact. Forward-looking statements in this Quarterly Report on Form 10-Q include, but are not limited to, statements with respect to:

the performance of TerrAscend’s business and operations;
TerrAscend’s expectations regarding revenues, expenses and anticipated cash needs;
TerrAscend's joint venture interests, including, as applicable, required regulatory approvals and licensing, anticipated costs and timing, expected impact thereof, and the ability to enter into future joint ventures;
TerrAscend's ability to complete future strategic alliances and the expected impact thereof;
TerrAscend's ability to source investment opportunities and complete future acquisitions, including in respect of entities in the United States, the ability to finance such acquisitions, and the expected impact thereof, including potential issuances of TerrAscend's common shares;
TerrAscend's ability to continue as a going concern;
TerrAscend is subject to certain restrictions of the Toronto Stock Exchange, which may constrain TerrAscend's ability to expand its business in the United States;
certain restrictions or limitations on TerrAscend's ability to distribute and expend capital due to the TerrAscend's corporate restructure;
the expected growth in the number of customers and patients using TerrAscend's recreational and medical cannabis, respectively;
the expected growth in TerrAscend's cultivation and production capacities;
expectations with respect to future production costs;
the expected methods to be used by TerrAscend to distribute cannabis;
the expected growth in the TerrAscend's number of dispensaries;
the competitive conditions of the industry;
federal, state, provincial, territorial, local and foreign government laws, rules and regulations, including federal and state laws in the U.S. relating to cannabis operations in the U.S.;
the legalization of the use of cannabis for medical and/or recreational use in the U.S. and the related timing and impact thereof;
laws and regulations and any amendments thereto applicable to the business and the impact thereof;
the possibility of actions by individuals, or U.S. federal government enforcement actions, against TerrAscend and the potential impact on TerrAscend;
the competitive advantages and business strategies of TerrAscend;
the grant, renewal and impact of any license or supplemental license to conduct activities with or without cannabis or any amendments thereof;
the medical benefits, viability, safety, efficacy, dosing and social acceptance of cannabis;
TerrAscend's future product offerings;
the anticipated future gross margins of TerrAscend's operations;

 


 

TerrAscend’s ability to source and operate facilities in the United States;
TerrAscend’s ability to integrate and operate the assets acquired from previous acquisitions;
Michigan's plans to continue building a diverse portfolio of branded cannabis assets and business arrangements through investments, strategic business relationships and the pursuit of licenses in attractive retail locations in Michigan;
the growth of the Michigan wholesale and retail business;
the potential impact of a public health emergency or pandemic, such as the COVID-19 pandemic;
TerrAscend's ability to protect its intellectual property;
the possibility that TerrAscend's products may be subject to product recalls and returns; and
other risks and uncertainties, including those referred to under the section titled "Risk Factors" in this Quarterly Report

 

Certain of the forward-looking statements contained herein concerning the cannabis industry and the general expectations of TerrAscend concerning the cannabis industry are based on estimates prepared by TerrAscend using data from publicly available governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of the cannabis industry. Such data is inherently imprecise. The cannabis industry involves risks and uncertainties that are subject to change based on various factors, which factors are described further below.

 

With respect to the forward-looking statements contained in this Quarterly Report on Form 10-Q, TerrAscend has made assumptions regarding, among other things: (i) its ability to generate cash flows from operations and obtain necessary financing on acceptable terms; (ii) general economic, financial market, regulatory and political conditions in which TerrAscend operates; (iii) the output from TerrAscend’s operations; (iv) consumer interest in TerrAscend’s products; (v) competition; (vi) anticipated and unanticipated costs; (vii) government regulation of TerrAscend’s activities; (viii) the timely receipt of any required regulatory approvals; (ix) TerrAscend’s ability to obtain qualified staff, equipment and services in a timely and cost efficient manner; and (x) TerrAscend’s ability to conduct operations in a safe, efficient and effective manner.

 

Readers are cautioned that the above list of cautionary statements is not exhaustive. Known and unknown risks, many of which are beyond the control of TerrAscend, could cause actual results to differ materially from the forward-looking statements in this Quarterly Report on Form 10-Q. Such risks and uncertainties include, but are not limited to, current and future market conditions; risks related to federal, state, provincial, territorial, local and foreign government laws, rules and regulations, including federal and state laws in the United States ("U.S.") relating to cannabis operations in the U.S.; and those discussed under Item 1A – “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (the “SEC”) on March 16, 2023 and this Quarterly Report on Form 10-Q. The purpose of forward-looking statements is to provide the reader with a description of management’s expectations, and such forward-looking statements may not be appropriate for any other purpose. You should not place undue reliance on forward-looking statements contained in this Quarterly Report on Form 10-Q. TerrAscend can give no assurance that such expectations will prove to have been correct. Forward-looking statements contained herein are made as of the date of this Quarterly Report on Form 10-Q and are based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking statements are made. TerrAscend undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking statements, except as required by applicable law.

 


 

 


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

TerrAscend Corp.

Unaudited Interim Condensed Consolidated Balance Sheets

(Amounts expressed in thousands of United States dollars, except for share and per share amounts)

 

 

At

 

 

At

 

 

 

September 30, 2023

 

 

December 31, 2022

 

Assets

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

25,410

 

 

$

26,158

 

Restricted cash

 

 

606

 

 

 

605

 

Accounts receivable, net

 

 

15,004

 

 

 

22,443

 

Investments

 

 

1,917

 

 

 

3,595

 

Inventory

 

 

57,403

 

 

 

46,335

 

Assets held for sale

 

 

 

 

 

17,349

 

Prepaid expenses and other current assets

 

 

6,443

 

 

 

4,937

 

Current assets from discontinued operations

 

 

431

 

 

 

571

 

 

 

 

107,214

 

 

 

121,993

 

Non-Current Assets

 

 

 

 

 

 

Restricted cash, non-current

 

 

2,500

 

 

 

 

Property and equipment, net

 

 

199,398

 

 

 

215,812

 

Deposits

 

 

426

 

 

 

837

 

Operating lease right of use assets

 

 

44,497

 

 

 

29,451

 

Intangible assets, net

 

 

274,172

 

 

 

239,704

 

Goodwill

 

 

105,615

 

 

 

90,328

 

Other non-current assets

 

 

844

 

 

 

3,462

 

 

 

 

627,452

 

 

 

579,594

 

Total Assets

 

$

734,666

 

 

$

701,587

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

51,032

 

 

$

44,286

 

Deferred revenue

 

 

4,084

 

 

 

2,935

 

Loans payable, current

 

 

21,832

 

 

 

48,335

 

Contingent consideration payable, current

 

 

4,434

 

 

 

5,184

 

Operating lease liability, current

 

 

2,363

 

 

 

1,857

 

Lease obligations under finance leases, current

 

 

2,006

 

 

 

521

 

Corporate income tax payable

 

 

58,707

 

 

 

23,077

 

Other current liabilities

 

 

798

 

 

 

2,599

 

Current liabilities from discontinued operations

 

 

1,124

 

 

 

9,111

 

 

 

 

146,380

 

 

 

137,905

 

Non-Current Liabilities

 

 

 

 

 

 

Loans payable, non-current

 

 

181,822

 

 

 

145,852

 

Operating lease liability, non-current

 

 

46,437

 

 

 

31,545

 

Lease obligations under finance leases, non-current

 

 

571

 

 

 

6,713

 

Derivative liability

 

 

7,916

 

 

 

711

 

Convertible debt

 

 

7,062

 

 

 

 

Deferred income tax liability

 

 

38,253

 

 

 

30,700

 

Contingent consideration payable, non-current

 

 

2,012

 

 

 

 

Financing obligations

 

 

893

 

 

 

11,198

 

Other long term liabilities

 

 

18,538

 

 

 

15,792

 

 

 

 

303,504

 

 

 

242,511

 

Total Liabilities

 

 

449,884

 

 

 

380,416

 

Commitments and Contingencies

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

Share Capital

 

 

 

 

 

 

Series A, convertible preferred stock, no par value, unlimited shares authorized; 12,350 and 12,608 shares outstanding as of September 30, 2023 and December 31, 2022, respectively

 

 

 

 

 

 

Series B, convertible preferred stock, no par value, unlimited shares authorized; 600 and 600 shares outstanding as of September 30, 2023 and December 31, 2022, respectively

 

 

 

 

 

 

Series C, convertible preferred stock, no par value, unlimited shares authorized; nil and nil shares outstanding as of September 30, 2023 and December 31, 2022, respectively

 

 

 

 

 

 

Series D, convertible preferred stock, no par value, unlimited shares authorized; nil and nil shares outstanding as of September 30, 2023 and December 31, 2022, respectively

 

 

 

 

 

 

Proportionate voting shares, no par value, unlimited shares authorized; nil and nil shares outstanding as of September 30, 2023 and December 31, 2022, respectively

 

 

 

 

 

 

Exchangeable shares, no par value, unlimited shares authorized; 63,492,038 and 76,996,538 shares outstanding as of September 30, 2023 and December 31, 2022, respectively

 

 

 

 

 

 

Common shares, no par value, unlimited shares authorized; 287,270,514 and 259,624,531 shares outstanding as of September 30, 2023 and December 31, 2022, respectively

 

 

 

 

 

 

Additional paid in capital

 

 

944,670

 

 

 

934,972

 

Accumulated other comprehensive income

 

 

1,610

 

 

 

2,085

 

Accumulated deficit

 

 

(662,075

)

 

 

(618,260

)

Non-controlling interest

 

 

577

 

 

 

2,374

 

Total Shareholders' Equity

 

 

284,782

 

 

 

321,171

 

Total Liabilities and Shareholders' Equity

 

$

734,666

 

 

$

701,587

 

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

1


 

TerrAscend Corp.

Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss

(Amounts expressed in thousands of United States dollars, except for share and per share amounts)

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

 

September 30, 2023

 

 

September 30, 2022

 

 

 

September 30, 2023

 

 

September 30, 2022

 

Revenue

 

$

89,621

 

 

$

66,567

 

 

 

$

231,778

 

 

$

179,848

 

Excise and cultivation tax

 

 

(381

)

 

 

(324

)

 

 

 

(1,016

)

 

 

(1,060

)

Revenue, net

 

 

89,240

 

 

 

66,243

 

 

 

 

230,762

 

 

 

178,788

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Sales

 

 

41,435

 

 

 

35,112

 

 

 

 

112,831

 

 

 

108,082

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

47,805

 

 

 

31,131

 

 

 

 

117,931

 

 

 

70,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

29,299

 

 

 

27,404

 

 

 

 

87,505

 

 

 

81,753

 

Amortization and depreciation

 

 

2,664

 

 

 

2,600

 

 

 

 

6,935

 

 

 

7,356

 

Impairment of intangible assets

 

 

 

 

 

152,928

 

 

 

 

 

 

 

152,928

 

Impairment of goodwill

 

 

 

 

 

178,314

 

 

 

 

 

 

 

178,314

 

Impairment of property and equipment

 

 

 

 

 

 

 

 

 

345

 

 

 

 

Total operating expenses

 

 

31,963

 

 

 

361,246

 

 

 

 

94,785

 

 

 

420,351

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

 

15,842

 

 

 

(330,115

)

 

 

 

23,146

 

 

 

(349,645

)

Other (income) expense

 

 

 

 

 

 

 

 

 

 

 

 

(Gain) loss from revaluation of contingent consideration

 

 

(645

)

 

 

36

 

 

 

 

(645

)

 

 

189

 

Loss (gain) on fair value of warrants and purchase option derivative assets

 

 

3,217

 

 

 

(5,497

)

 

 

 

2,564

 

 

 

(58,555

)

Gain on disposal of fixed assets

 

 

(1,879

)

 

 

 

 

 

 

(1,879

)

 

 

 

Finance and other expenses

 

 

10,083

 

 

 

9,245

 

 

 

 

28,341

 

 

 

29,563

 

Transaction and restructuring costs

 

 

 

 

 

343

 

 

 

 

392

 

 

 

1,585

 

Unrealized and realized foreign exchange (gain) loss

 

 

(43

)

 

 

583

 

 

 

 

(175

)

 

 

624

 

Unrealized and realized loss (gain) on investments

 

 

5

 

 

 

(231

)

 

 

 

2,365

 

 

 

3

 

Income (loss) from continuing operations before provision for (benefit from) income taxes

 

 

5,104

 

 

 

(334,594

)

 

 

 

(7,817

)

 

 

(323,054

)

Provision for (benefit from) income taxes

 

 

13,543

 

 

 

(34,033

)

 

 

 

32,655

 

 

 

(25,602

)

Net loss from continuing operations

 

$

(8,439

)

 

$

(300,561

)

 

 

$

(40,472

)

 

$

(297,452

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

   Loss from discontinued operations, net of tax

 

$

(232

)

 

$

(10,424

)

 

 

$

(4,444

)

 

$

(15,377

)

Net loss

 

$

(8,671

)

 

$

(310,985

)

 

 

$

(44,916

)

 

$

(312,829

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

(280

)

 

 

(2,758

)

 

 

 

475

 

 

 

1,129

 

Comprehensive loss

 

$

(8,391

)

 

$

(308,227

)

 

 

$

(45,391

)

 

$

(313,958

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss from continuing operations attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common and proportionate Shareholders of the Company

 

$

(10,601

)

 

$

(302,788

)

 

 

$

(46,963

)

 

$

(300,975

)

Non-controlling interests

 

$

2,162

 

 

$

2,227

 

 

 

$

6,491

 

 

$

3,523

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss from continuing operations attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common and proportionate Shareholders of the Company

 

$

(10,553

)

 

$

(310,454

)

 

 

$

(51,882

)

 

$

(317,481

)

Non-controlling interests

 

$

2,162

 

 

$

2,227

 

 

 

$

6,491

 

 

$

3,523

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share - basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.04

)

 

$

(1.19

)

 

 

$

(0.17

)

 

$

(1.26

)

Discontinued operations

 

 

 

 

$

(0.04

)

 

 

$

(0.02

)

 

$

(0.06

)

Net loss per share - basic

 

$

(0.04

)

 

$

(1.23

)

 

 

$

(0.19

)

 

$

(1.32

)

Weighted average number of outstanding common and proportionate voting shares

 

 

287,072,972

 

 

 

254,355,792

 

 

 

 

276,562,869

 

 

 

239,567,866

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share - diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.04

)

 

$

(1.19

)

 

 

$

(0.17

)

 

$

(1.26

)

Discontinued operations

 

 

 

 

$

(0.04

)

 

 

$

(0.02

)

 

$

(0.06

)

Net loss per share - diluted

 

$

(0.04

)

 

$

(1.23

)

 

 

$

(0.19

)

 

$

(1.32

)

Weighted average number of outstanding common and proportionate voting shares, assuming dilution

 

 

287,072,972

 

 

 

254,355,792

 

 

 

 

276,562,869

 

 

 

239,567,866

 

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

2


 

TerrAscend Corp.

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity

(Amounts expressed in thousands of United States dollars, except for share and per share amounts)

 

 

 

Number of Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares

 

Exchangeable Shares

 

Series A

 

Series B

 

 

Common Shares Equivalent

 

 

Additional paid in capital

 

 

Accumulated other comprehensive income

 

 

Accumulated deficit

 

 

Non-controlling interest

 

 

Total

 

Balance at June 30, 2023

 

 

286,807,780

 

 

63,492,038

 

 

12,350

 

 

600

 

 

 

363,250,022

 

 

$

944,259

 

 

$

1,330

 

 

$

(653,623

)

 

$

1,966

 

 

$

293,932

 

Shares issued - stock options, warrant and RSU exercises

 

 

462,734

 

 

 

 

 

 

 

 

 

462,734

 

 

 

17

 

 

 

 

 

 

 

 

 

 

 

 

17

 

Warrants issued for services performed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,000

 

 

 

 

 

 

 

 

 

 

 

 

1,000

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,775

 

 

 

 

 

 

 

 

 

 

 

 

1,775

 

Options and warrants expired/forfeited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,381

)

 

 

 

 

 

2,381

 

 

 

 

 

 

 

Capital distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,551

)

 

 

(3,551

)

Net loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,833

)

 

 

2,162

 

 

 

(8,671

)

Foreign currency translation